SUPTS. MEMO. NO. 89
May 17, 1996
|FROM:||William C. Bosher, Jr.
Superintendent of Public Instruction
|SUBJECT:||Fiscal Year 1996-97 Monthly Payment Plan - State Funds|
Listed below is the payment schedule for those SOQ accounts which will be paid by electronic fund transfer (EFT) on a monthly payment schedule for 1996-97. Bi-monthly on 15 & 30th EFT Basic Aid Retirement (Instructional & Non-Instructional) Social Security (Instructional & Non-Instructional) Vocational Ed (SOQ) Remedial Ed At Risk Special Ed (SOQ) Gifted Ed Quarterly on last 30th EFT Maintenance Supplement Textbooks Harper Settlement K-3 (beginning in December) Salary Supplement (beginning in March) With the exception of K-3, all of these accounts will be adjusted once March 31, 1997 ADM is received. Enrollment Loss and No Loss will be transferred once ADM is finalized. Fifty percent of Remedial Summer School payments will be sent in August and the balance in October when actual enrollment is collected. Group Life will be made in 2 payments - rollover payment in July and noninstructional in August. Supts. Memo. No. 30 May 17, 1996 Current estimates of March 31, 1997 ADM will be revalidated this fall based on actual September 30, 1996 membership. If the new estimates differ significantly from the current estimates, the accounts will be recalculated using the new values. If the estimates do not differ significantly, payments will continue to be made on the current estimates until actual March 31, 1997 ADM is known. Payments will be made on the estimated entitlements as projected in Regulatory Supts. Memo. No. 3, dated April 5, 1996 for the following accounts: 1. Basic Aid, Salary Supplement, Gifted Education, Retirement, Social Security, Textbooks, Maintenance Supplement, Harper Settlement - These accounts are calculated on adjusted ADM. 2. Vocational Ed (SOQ), Special Education (SOQ), Remedial Education, At-Risk - These entitlements are calculated on unadjusted ADM. 3. Reduced K-3 Class Size - September 30, 1996 membership to be paid quarterly, beginning in December, 1996. 4. Dropout Prevention (Project Yes), Truancy and At Risk Four-Year Old Program - 50% of this payment will be transferred once the application has been approved and the remaining 50% will be transferred in February, 1997. 5. Composite Index Transition - This entitlement will be paid in one lump sum in September, 1996. 6. SOL Staff Development - This entitlement will be paid in one lump sum in July, 1996. Comments or question should be addressed to Mrs. June Eanes, Budget Director, at (804) 225-2060 or Mrs. Leigh H. Williams, Budget Analyst, at (804) 225-2031. WCBJr:lhw